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Mumbai chawls to be redeveloped

1 Comment Sub Category:Cities,Mumbai,Realty News,Residential Real Estate Posted On: Dec 18, 2012

Mumbai chawlThe government of Maharastra has made a proposal to revamp 202 chawls of the erstwhile Bombay Development Directorate, spread across 91 acres in South Mumbai .

The chawls will be constructed on 15 million sq ft of floor space index or about 20 mn sq ft of saleable area. The project will be developed by MHADA only.

The cost of the construction per sq ft is Rs 2,500 and the sale rate of a sq ft is around Rs 30,000 to 40,000. So the total value of the project will be around Rs 15,000 crores.

Recently the government launched redevelopment plan for Sector- 5 of the Dharavi slums and the total value of the project is around Rs 5,000 crores. After which they nod the proposal for the redevelopment of chawls in South Mumbai. The purpose of redeveloping chawls is to provide double the size of their existing dwellings.

The government is also planning to redevelop the BDD chawl, where nearly 4,500 sq mt in Bandra East adjacent to the Western Express Highway would be kept open for commercial purposes. They have send the proposal to the state cabinet for approval. For the proposed redevelopment, the government proposes to supply four floor space index.

The road map is ready and now they are working on the redevelopment plan. It is expected that the redevelopment of BDD chawls will bring a change in the real estate in India which will give awesome opportunities to the developers to join hands with MHADA and undertake development of a large area. This will lead to price correction and also increase the supply of stocks and bring a stability in the real estate market. But this is only possible if the government does not increase the property prices.

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